This Zoom video call is a discussion between Todd Smith from 360Converge and David Metter from AutoHook a subsidiary of Urban Science discussing the current state of the automotive industry. We discuss the overall state of the industry from the vendor and specifically Adtech and where it might be heading. We also discuss growth versus retraction during events like we are in.
Video Transcript
Captions
00:00
computer okay
00:03
Here I am again having an awesome
00:05
conversation with mr. David Meador
00:08
founder of auto hook currently powered
00:11
by urban science uh Dave and I go back a
00:14
long way in fact it was the mile one
00:17
days and I had heard his name even
00:20
before that when he was at auto base I
00:22
think we have both kicked cans around
00:24
this industry for a super long time
00:27
today it’s awesome
00:29
David decide to join us from his
00:31
GarageBand location I am again
00:35
sequestered to my upstairs almost attic
00:38
area where my Philadelphia Eagles chairs
00:41
are in the back and my working white
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board and I thought we would have
00:45
another fun conversation about what’s
00:47
going on brings some different
00:50
perspective in some ideas and what’s
00:53
going on so with that Dave you want to
00:57
give a little background and then we can
00:58
kind of just jam out so sir I think you
01:01
did a great job it was I even forgot
01:04
about my time at auto base back in the
01:06
day 99 we were we were infants yes
01:10
before you know yes very well all the
01:13
gray came in and so great no that’s good
01:17
so well let’s jump in I mean obviously
01:20
you know you’re well regarded in the
01:22
industry I think that you know you have
01:24
your hands and a lot of stuff you’ve
01:26
done a lot of stuff so I think your
01:27
perspectives pretty interesting I know
01:31
we’ve been talking a little bit before
01:33
we kind of hit record but you know let’s
01:35
kind of jump right in I mean what do you
01:38
see going on right now from the vendor
01:40
side in the marketplace so we’ll start
01:44
there yeah I see a lot of reactionary
01:48
movement which is which is sort of
01:52
common in our industry and you know and
01:54
I think that you know I have an
01:57
interesting perspective because you know
01:59
I came in to the business in 89 we were
02:02
in a deep recession I started selling
02:03
cars in that honestly didn’t know any
02:05
better and then you know we mentioned
02:08
Auto base I joined Auto base we were
02:11
less than ten employees start
02:14
and just kind of grown the business 9/11
02:17
hit right and and the impact of that in
02:21
the auto industry was was was great and
02:23
then you know I was at Mile one I had
02:26
been at Mile one for about three and a
02:29
half years and we didn’t know what we
02:32
were preparing for but in a way we you
02:34
know it’s the Great Recession and so I
02:37
have this interesting perspective I
02:40
guess from you know being a salesperson
02:42
in a dealership to be in the vendor side
02:45
and and then you know being in a large
02:47
privately owned dealer group at 75
02:49
stores and to now and I’m I’m I am
02:53
fascinated by the consistency of this
02:57
reactionary movement by a good portion
03:00
of of our industry you know mostly by
03:04
dealers what we’re seeing in a vendor
03:06
space as well and and my concern is is
03:09
that you’ll see the same exact thing
03:11
happened you’re gonna see some
03:13
retraction you’re going to see people
03:15
kind of put themselves out of business
03:17
in some ways but the inspiring part of
03:21
it is you always in all three of those
03:24
you see some really cool innovation and
03:27
you see that small percentage of dealers
03:31
and groups that come out of this man
03:32
just flying high yeah I agree with that
03:36
I mean innovation I always feel during
03:38
these times innovation is the driver
03:40
right change of behavior is causing
03:43
people to do different things I mean if
03:45
we go back to eight what Airbnb uber let
03:48
all whom were founded like all of those
03:50
now monster tech companies came out of
03:53
that now this is obviously a little
03:56
different that’s not as well well I
03:58
think we’ll be heading into a recession
04:00
because of this a little bit more but
04:02
you know I think consolidations in our
04:05
industry I think we’ll see some of those
04:07
I don’t know I mean what else do you
04:09
what are you seeing out there have you
04:12
seen some innovation starting to happen
04:13
from the dealer side the clients are I
04:16
think what I’m seeing is the anything
04:19
that happens you you see amplified from
04:25
what’s in their core and what I mean by
04:26
that is
04:27
if they were reactionary than that it
04:30
gets me amplified at this point you know
04:32
in this period of time but like I I see
04:35
groups doing really well you know we we
04:38
were talking about Todd Caputo and you
04:41
know something that he did a year ago
04:43
you know whether I mean I there’s no way
04:46
that Todd had an idea that this type of
04:49
you know scenario would play out but he
04:52
did things against the grain people
04:55
thought he was crazy and and it’s paid
04:59
off for him you know there’s I was
05:01
talking to the guy that Walter up in
05:04
Minneapolis and they had didn’t you know
05:07
they didn’t sell more cars in March than
05:09
they did in the previous year in the
05:11
same month but they grew market share
05:13
because of things that they did a year
05:16
ago two years ago five years ago this
05:18
started to really take shape that
05:21
allowed them when everyone else kind of
05:24
retracted they were able to expand so
05:28
that gives a good point so right now is
05:30
probably a really good time to be
05:31
planning the seeds for the the harvest
05:35
in the the coming months years to be and
05:40
you know I talked to Todd yesterday and
05:43
it was very interesting that yeah he
05:45
didn’t see it coming he just saw the
05:47
entire industries need to shift in his
05:49
opinion that you know going to single
05:52
price one point of contact as well as
05:56
trying to push more people through an
05:58
online experience then come sit in my
06:01
showroom for four hours right so right
06:03
that was his is run to that so I think
06:07
it brings up also interesting what do
06:09
you think about obviously all the
06:11
third-party lead providers right now you
06:14
know I think that was the first thing
06:16
every dealer shut off you know one or
06:18
what how that space will change your
06:20
overalls so well I mean I think you
06:24
you’ve seen a tendency of dealers you
06:27
know backing out of those types of
06:29
programs on their own there are OEM
06:31
sponsored third-party lead programs and
06:34
different OEMs feel differently about
06:37
these programs some love them some hate
06:39
them
06:40
but I
06:41
I I think that there is going to be and
06:43
this is just my personal opinion I think
06:45
that there is going to be even more
06:47
retraction in that in that space and I
06:51
think I tell you I’m I’m I’m worried
06:55
about three different spaces I’m worried
06:58
about the third party leads I’m worried
07:01
about the third party site and how
07:03
they’re reacting in this time and you
07:05
know and how consumers are engaged in a
07:07
you know and and being able to you know
07:10
really pull opportunities and and be
07:13
able to tribute them as real
07:15
opportunities you know on the
07:16
third-party sites and then you know ad
07:18
tech I think you know yeah I think
07:23
there’s a space that’s on a collision
07:26
course
07:26
yeah and and so and I’ll tell you why I
07:31
think that I think that there’s some you
07:35
know you wonder how Google Facebook
07:38
Amazon are gonna are gonna deal with
07:41
that now you got to remember they have
07:42
like all the traffic you know one of the
07:44
things that nobody’s really talked about
07:45
is Amazon lately right but but you know
07:49
what is what if they choose at this
07:52
point in time to get into the automotive
07:55
space because of all of the traffic that
07:58
they have because of all the behavioral
08:00
information that they have they I mean
08:03
they could potentially wipe out some of
08:07
the third party we third-party listings
08:12
sites because of what they have and
08:16
especially now what they have I mean
08:17
who’s not shopping on
08:20
yeah that’s your it brings up a good
08:22
point I always felt like you know and I
08:25
you know me I’m always reading and it’s
08:28
fascinating that the real date is held
08:30
by the Google’s Facebook’s Amazon Apple
08:34
right they can roll data and everything
08:39
else is like getting a bread crumb of
08:41
what they have so from ad tech and
08:45
Google removing to me the cooking was
08:49
just hey we’re gonna eliminate all these
08:51
small ad tech companies like this
08:54
to just provide and feed our larger
08:57
companies more and I feel that will
09:00
cascade up to a point where they’re like
09:01
yeah we’re just keeping this business
09:03
for ourselves so then having all the
09:07
data the interesting thing where I look
09:09
at the third parties the lead providers
09:11
I don’t think they’re taking it far
09:13
enough
09:13
I don’t think dealers want more leads
09:15
anymore I think they want people that
09:18
are ready you know they want it served
09:21
up to them you know they want
09:22
appointment
09:23
they want soft pools who is this who is
09:27
this person I want a more complete look
09:30
at them I just don’t want another name
09:32
and email address sent to me I store
09:34
that good luck trying to get ahold of
09:36
those people well you know it’s funny it
09:39
was 12 years ago
09:42
12 13 years ago I was speaking as JD
09:44
power and I said something I was up on
09:46
stage and I said I would buy a $50 leads
09:53
and but they didn’t hear anything else
09:56
that I said what what I said around that
09:59
was was that if these opportunities are
10:02
vetted and at the time we were building
10:05
out lead scoring I was in our dealer
10:08
group with native providers and so we
10:11
knew the highest likely to buy and we
10:13
had tested this out and it really proves
10:15
out well and and that’s I said look we
10:19
know that credit app type leaves have
10:22
the highest closing ratio because
10:24
they’ve gone through steps and they’re
10:26
at that point of I want approval or I
10:28
want to see if I can buy and along with
10:32
lead scoring and all these other things
10:33
that’s when I said okay I’ll buy a $50
10:36
lead because I know the math like the
10:38
simple math is if I can get a lead for
10:41
$50 and I know that they have a showroom
10:44
visit rate of let’s say 40 percent when
10:48
my you know average is 17 percent show
10:51
rate and if I know that if you know 40
10:54
percent of them come in and half of them
10:57
are gonna buy whatever that math is
10:59
right I’ve got a cost for sale that’s
11:01
about a hundred bucks cost for sale or a
11:04
hundred and twenty or whatever that was
11:05
and that was that was the math
11:08
that we used back in the day to acquire
11:11
our opportunities to drive traffic I
11:13
mean actually that was that was really
11:15
the birth of auto hook good we did that
11:18
and all people heard was I’ll buy a $50
11:21
lead so you know I got attacked when I
11:23
came off this hey sure every vendors
11:26
like hey David I have the best leads for
11:28
you complete let’s sign up right now I
11:31
agree that that’s an interesting thing I
11:34
think we need to the industry has to
11:36
move a little bit and in that regard and
11:38
just stop trying to pump out leads and
11:40
pump out the to me I think it’s like a
11:44
gating factor like you need to have some
11:47
gates put up to say okay these people
11:50
showed interest their ticket they’re not
11:52
really a hole lead yet let’s run them
11:54
through a couple more scenarios using
11:56
machine learning or some type of
11:58
interaction experience that gets them to
12:01
a point where they’re like this guy’s
12:03
gonna buy within the next you know seven
12:06
to fourteen days our modeling shows that
12:09
now let’s give it to the dealer right
12:11
and let the deal or do his job and
12:14
creating the best offering package for
12:17
that particular customer so the onus
12:19
should fall more onto the provider
12:21
because I think in again my opinion the
12:25
providers in the third party space and
12:27
look they’ve been around the industry
12:29
for a long time they’re grade they’ve
12:31
added value over time but you know I
12:34
feel they’ve created less and less
12:36
requirements of information to pass a
12:39
lead on to the dealer and burden the
12:42
dealer than to figure out that in other
12:44
missing pieces of information to you
12:49
know get ahold and convert that sheet a
12:51
chopper and I think it all goes back to
12:52
something I know you were really
12:54
passionate about which was getting away
12:56
from the antiquated XML ATF feed from
13:02
1995 which is still prevalent in our
13:05
industry as a way to transfer data
13:08
instead of moving to star or moving to
13:11
just like a like a JSON or web call or
13:15
API which is shocking that we we still
13:18
live in an archaic piece of how we
13:22
limit the amount of data that we can
13:23
transfer and I know you were big about
13:25
start telling us so look tell me what
13:27
your thoughts are there so that I feel
13:30
like you this is a leading question but
13:34
but this is good because I think that
13:36
what what people what people saw was
13:39
that we weren’t able to get any traction
13:41
and it wasn’t because vendors weren’t
13:46
interested in changing the export you
13:50
know into CRM and what it was really
13:55
about like we we did this project for
13:57
well over a year all volunteers right
14:00
everybody volunteered their time there
14:02
wasn’t one dollar payment I think that
14:05
for sure I said a lot of time money and
14:07
effort to get this off the ground and we
14:10
couldn’t because at the end of the day
14:12
the CRM companies and I don’t want to
14:15
look at all of them for the vast
14:18
majority of them you could feel like I
14:20
felt like we were trying to get a bill
14:24
through Congress and and and it was
14:27
interesting because what would happen is
14:29
you would get you would get blocked
14:31
right you get blocked and then they want
14:34
to change things and then you’re like
14:36
wait a minute
14:37
this this bill has nothing to do with
14:40
this but why do you want to put this in
14:42
here and like we just never get any
14:45
traction and then the next one would see
14:47
it I go well we don’t want that can’t do
14:49
that well what’s what’s in it for us and
14:52
and a lot of that was prevalent it was
14:56
really really frustrating to me because
14:59
I thought we were doing what was best
15:01
for the industry not being selfish and
15:05
you know and narrow minded and and I
15:09
don’t mean to be so direct but it was
15:14
just is frustrating because dealers
15:17
deserve better yeah yeah yeah I feel
15:20
like we’re sending them it’s like going
15:23
to build a house we have all these
15:25
awesome tools that around you right that
15:27
would make the job a lot easier
15:29
and yet you decide to send them up on
15:32
the roof with a broken hammer and a
15:35
bunch
15:35
that males and that’s basically what
15:37
you’re doing and and that’s the way I
15:40
kind of knew ATF excrement so I you know
15:43
I love data and I’ve always said that
15:45
you know the more data you have the
15:47
better conversation you’re gonna have
15:49
more potential contact methods you could
15:53
whether you want to reach out on social
15:54
alternate email home address whatever it
15:57
doesn’t matter um yeah I just feel like
15:59
we’re just missing a boat there and
16:01
maybe this is one of those times where
16:03
innovation can be sparked you know since
16:06
dealers are I mean it’s almost like the
16:08
industry is resetting itself as America
16:10
resets itself right and you know it’ll
16:13
be interesting what do you what does the
16:15
next do you think six 12 18 months look
16:18
like in your mind you know I answer that
16:22
question but I’ll answer it may be
16:23
different you mentioned earlier in the
16:26
in the recession Inouye there were
16:28
certain things that came out of that
16:29
right Airbnb yet uber yet lift I believe
16:33
things that will stick out of this time
16:37
will be a lot of delivery service now
16:40
obviously everybody is taking advantage
16:43
of instacart and Whole Foods with Amazon
16:46
Prime and all of these impacts you can’t
16:48
even get time like you can’t like I
16:51
looked this morning to get my normal
16:53
delivery and it’s like next Wednesday
16:56
next Tuesday right and so what does that
16:59
tell you there’s a demand yeah and so
17:02
you know I think about dealerships that
17:05
have been really proactive in service
17:08
concierge services like Paragon Honda up
17:12
in New York and and so you know he was
17:15
in this a year ago year and a half ago
17:18
and he’s got a great case study around
17:21
what he’s been able to do to penetrate
17:23
that market place and when his market
17:26
reopened he’s already in place for that
17:29
I think that you’re gonna see you’ve got
17:32
you know even link and I just thought
17:34
about their commercial they’re doing
17:36
pickup and delivery and they were
17:38
already doing that before this happened
17:40
so what I I guess where I’m going with
17:42
this I believe that there’s going to be
17:43
a lot of opportunity for pickup delivery
17:48
not just concern
17:50
but also in that transition of like come
17:53
to you test drive the vehicle come to
17:56
you let us do a quick evaluation of your
17:59
trade you know that kind of stuff what
18:01
what are the things that that are really
18:04
cumbersome in the car buying process its
18:06
trade and finance right yeah and so and
18:10
and servicing the vehicle so if we can
18:13
eliminate maybe two of those and having
18:16
these you know alternative transporting
18:20
pickup delivery evaluation I think
18:23
that’s gonna that’s going to be things
18:26
that are going to stick within our
18:27
industry and then hopefully the finance
18:30
situation will kind of play itself out
18:33
as well it’s actually pretty good yeah
18:37
so all around like logistics so
18:39
logistics management that’ll be
18:41
interesting
18:42
see that’s thinking about things that’s
18:44
where Amazon could just domine they own
18:49
logistics and like they their logistics
18:52
modeling is far better than anybody for
18:56
moving stuff around and that’s a very
18:59
interesting thing I’m wonder if they’re
19:01
even thinking about that
19:03
so well I mean we we know that they have
19:07
the traffic we know that they have
19:09
behavioral information every time that I
19:11
walk through my house and I’m talking to
19:13
my kids or my wife and my Alexa with a
19:16
little green video I right yeah you know
19:18
that they’re listening and I’m okay with
19:21
it and and you know that they have the
19:25
trucks they’ve ordered hundreds of
19:27
thousands of new fleet vehicles they
19:29
have space pretty much everywhere in
19:32
almost every state yeah that you know
19:36
that’s an interesting thing to come out
19:40
of this you know so yeah there’s I mean
19:45
there are going to be a lot of
19:46
opportunities I mean my last company was
19:47
born in and about 708 in the birth of
19:50
all this stuff so I definitely know that
19:53
in times of distress that’s true
19:56
opportunity will reveal itself and I
19:59
think all the entrepreneurs other
20:02
vendors list
20:03
dealers that’s that’s how you have to
20:05
look at this opportunity is this is a
20:07
actually a great opportunity it it
20:09
quiets the market and it to me it’s like
20:12
settling the sand in the canals in
20:15
Venice right then water super clear now
20:17
you get to see where you couldn’t see
20:19
before
20:20
and then realign yourself to come back
20:23
out very aggressively in this business
20:27
and not to stop I think you know there
20:31
was a study that I don’t know if I share
20:33
with you Harvard did that they
20:34
interviewed and they did analysis of all
20:37
these corporations after the recession
20:40
and the ones that really peeled back
20:44
like cut their whole staff did that had
20:47
a very hard run out of the gate to
20:50
succeed the ones that like furloughed or
20:54
have paid their people but kept the main
20:57
business units intact came out much
21:00
faster and had much higher levels of
21:04
profitability in the end so I thought
21:07
that was an interesting study because
21:09
you know I’ve heard you know I’m
21:10
watching my feed seeing everybody it’s
21:12
like fired fired fired I’m like is this
21:15
the right move for these companies or
21:17
should they just say look we’re gonna
21:19
keep you I can’t pay you full I’m gonna
21:22
pay you half I’m gonna pay you 25%
21:24
just stay with us and you know
21:27
contribute will reduce your hours let
21:30
let’s do a million other things besides
21:33
cut bait completely what do you think
21:36
well I’ll tell you I have a couple of
21:38
examples I’ll leave out names but talk
21:42
to a company it was two days so we’re
21:46
talking mid-march into this there’s
21:49
almost no chance that they ran enough of
21:54
an analysis to know exactly where they
21:58
sat unless they were deeply in trouble
22:00
before which I don’t believe and and
22:03
they cut I mean they immediately cut and
22:07
which I think hurts the culture
22:09
certainly of the people who are value
22:11
now you’ve created fear with the people
22:13
who are still there right now they were
22:16
too
22:17
so then there is that uneasiness of
22:20
going well do they have they really done
22:22
a full analysis of like where they
22:23
really are and and how they should be
22:26
acting in this I think it was extremely
22:29
reactionary and it really set like a low
22:33
bar so to your point but then I talked
22:36
to a dealer group a couple days later
22:38
privately-held dealer group and large
22:41
very large five-ish large and it was so
22:46
cool and interesting to hear their
22:48
perspective their perspective was look
22:50
we’re watching our competitors they’re
22:52
actually firing a lot of good people
22:55
this is our time we’re gonna go and get
22:58
those good people like we already have a
22:59
great core group of people who are
23:02
extremely loyal to the person who runs
23:04
that organization right and he’s
23:06
promised to take care of them which he
23:08
always does and but more importantly he
23:12
goes this is the opportunity for us to
23:13
go and you know back to fill in those
23:16
gaps where we might have them within our
23:18
organization and that’s like that’s
23:21
that’s the difference and that’s when
23:23
that organization you’ll probably see
23:26
them come out of this you know how to
23:28
trajectory lines enter it it’s all
23:31
mindset it I read that book Carol sake
23:34
about my sense she’s like you’re either
23:37
you have an open mind right or a fixed
23:40
mindset if you have a fixed mindset
23:42
you’re in trouble that open mindset is
23:45
okay how do i I don’t care what’s going
23:48
on
23:49
how do we leverage this this is our
23:51
opportunity it’s not like oh woe is me
23:53
we have to cut know let’s let’s leverage
23:56
this and I think some of these dealer
23:58
groups the the smart ones will be
24:01
aggressive you know in they have to
24:04
preserve cash we all understand that but
24:06
at the same token the number one most
24:09
valuable thing in any organization is
24:11
your people so how you treat your people
24:14
during this instance is going to impact
24:17
you far past whatever happens on kovat
24:21
19 I think well you know I shared with
24:25
you I think one of the marking moments
24:26
in in my career was you know in oay when
24:30
we were
24:30
at Mile one and we were run by such good
24:36
people
24:36
family-run privately held business and I
24:40
don’t remember I could be wrong but I
24:42
don’t remember furloughing employees
24:45
I don’t remember cutting staff I don’t
24:48
remember any of that what I remember
24:49
actually I dug this you know out of my
24:52
attic yesterday because I used it but
24:54
you know this was our defining moment
24:57
like we were flat from Oh 607 or market
25:00
share and then you can see what happened
25:02
in o8 and o9 like it was our defining
25:05
moment at the same time we were
25:06
decreasing what we were spending and
25:08
advertising it wasn’t we didn’t go we
25:10
didn’t go cut everything we had already
25:13
transitioned to digital right and
25:14
everyone else then cut which meant that
25:17
we had more of the share of audience and
25:20
then we did so well with that share of
25:23
audience transitioning him because we
25:25
had good people still within our
25:27
organization still man in the ship we
25:30
were able you know to really pull that
25:32
out and so you know as I use the example
25:35
of the other dealer group I think that
25:37
that’s you’re gonna see the same exact
25:38
thing I shared with you you know what I
25:40
heard from Walter I think you’ll see the
25:42
same exactly I think you’ll see these
25:43
really cool stories come out you know
25:48
within our industry over the next two
25:50
three four months they’ll just come out
25:52
of this you know play a rocket ship I
25:54
agree so I so final thoughts hmm let’s
26:00
see
26:01
interesting fun questions so I’ll leave
26:04
the interesting one to me manufacturers
26:08
are they doing the right thing by
26:11
creating these insane incentives to
26:15
drive whatever sales they can get now
26:17
will that be good do you think that
26:20
hurts I what’s gonna think happen
26:23
because in leasing because of this I
26:24
mean on as a final general wrap-up here
26:28
today what do you think the
26:30
manufacturers are doing or what should
26:32
they be doing so well I can tell you
26:36
that we’ve been monitoring this and so
26:39
the OEMs that are offering incentives
26:43
are
26:44
getting the traffic so clearly the
26:47
consumers are engaged in it and and
26:50
they’re searching very specific terms
26:52
around these types of incentives whether
26:55
they’re good for a good or not you know
26:56
in the long term I think that there’s
26:59
some questions especially when you get
27:00
in length of term but zero percent I
27:03
think is is a is a good thing right
27:07
and I think that some of the other
27:08
things that manufacturers are doing to
27:10
protect consumers or to engage consumers
27:13
I think is a great thing because where
27:15
we have seen a decrease in sales you
27:18
know somewhere in the neighborhood of
27:20
mid to high 30 percent decrease in March
27:22
you know what we didn’t see is traffic
27:25
decrease we’ve actually seen impression
27:27
counts go up right now you’ve heard a
27:29
lot of people talk about this we
27:30
actually saw leads kind of level off
27:33
they decrease that third week of March
27:35
that they’ve come back up and so
27:37
whatever incentives are happening and
27:39
and the manufacturers that have those
27:41
incentives are getting the share of the
27:43
traffic I guess you can’t you can’t say
27:47
that that’s a bad thing so now I wanted
27:50
you know I need that I think we need the
27:52
manufacturers to do these types of
27:54
things but more importantly we need the
27:56
dealers to understand what the
27:58
manufacturers is doing don’t go hide in
28:00
the hole and go and engage in those same
28:03
kind of conversations grab your share of
28:05
the traffic and then ultimately
28:06
transition them in we’ve been you know
28:09
opportunity tutorial yeah that makes a
28:11
lot of sense my phone is blown up from
28:13
friends like oh my god I don’t take
28:15
advantage of gm0 like who do I call what
28:19
do I do
28:19
so I feel like the people who aren’t
28:22
afraid of what’s going on in the world
28:24
are as business as usual hey I need to
28:28
buy a car and then you know some people
28:29
look they’re leases are terming right
28:31
now this month next month they need a
28:33
car that has to happen so there’s always
28:36
going to be demand inside here even if
28:39
it’s a little less right now people
28:41
there is a subset people will hold off I
28:43
think but know that that brings up a
28:45
good point I’m curious like how these
28:47
things you know it’s one thing we take
28:50
an action today sometimes we don’t see
28:52
the impact for three months six year two
28:55
years and in this particular case we
28:57
couldn’t see the impact for
28:58
many years it could be five to seven
29:00
years when people are just you know
29:03
buried in treats so yeah so that’ll be
29:06
interesting so well cool hey I really
29:08
appreciate you taking the time today
29:10
it’s at least awesome to talk with you
29:11
and that happy cuz trying to fun chats
29:14
with a little reminiscing of our old
29:17
times as our we’ve grown gray in our old
29:19
age
29:20
so it’s good so appreciate it and thanks
29:24
for taking the time today so thank you
29:26
so much I appreciate it
29:27
and hold on
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